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General Dynamics Receives $16 Million Option For Advanced Amphibious Assault Vehicles

STERLING HEIGHTS, Mich. – The U.S. Marine Corps Systems Command on Feb. 10, 2003, awarded General Dynamics Land Systems a $15.9 million option to its contract for the Systems Development and Demonstration phase of the Advanced Amphibious Assault Vehicle (AAAV) program. General Dynamics Land Systems is a wholly owned subsidiary of General Dynamics (NYSE: GD).

The additional work requires that General Dynamics provide a live-fire test vehicle and initial spares for the AAAV. The work is expected to be completed by June 2005. It will be performed in the AAAV Research and Development center in Woodbridge, Va., with supporting efforts at General Dynamics’ plants in Muskegon, Mich.; Scranton, Pa; and Lima, Ohio.

Under the original $712 million cost-reimbursable contract awarded in July 2001, General Dynamics will complete the design and development of the AAAV, manufacture and test nine new prototypes, refurbish three early development prototypes, support the Marine Corps’ initial operational test and evaluation, and prepare for the production phase of the program. The Marines plan to buy 1,013 vehicles through FY-18 to replace the 30 year-old and less capable AAV7s. The newer system will weigh 76,000 pounds when loaded with a crew of three and 17 combat-ready Marines; it will be capable of speeds up to 45 mph on land and 25 mph in rough seas. Low rate initial production is scheduled to begin in 2004, followed by full rate production of the AAAV in 2006.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people worldwide and had 2002 revenues of $13.8 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.

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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Wednesday, February 12, 2003
Press Contact: (810) 825-7930